jayy

ADX Trend Strength Leaf_West style

This is a slightly different way of plotting ADX used by Leaf_West at http://tradingwithleafwest.net/. The criteria for plotting this version of ADX are described in the Educational Info pdfs on the Website.
This is my attempt to replicate Leaf_West's presentation of ADX .
Use of the indicator is described in detail in the Educational info pdfs: http://tradingwithleafwest.net/.
I have used ADX (8) and DMI(9) for a best fit.. Leaf's methods evolve as time goes on and
The BATS data feed has the usual issues affecting the plots, a realtime data feed is the way to go. Credit for the original ADX and DMI script goes to Greeny
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// This is a different way of plotting ADX used by Leaf_West at http://tradingwithleafwest.net/.  
// The criteria for plotting ADX are described in the educational info.  
// This is my attempt to replicate Leaf_West's indicator.
// The BATS data feed has the usual issues.  Realtime data is the way to go.
// Credit for the original ADX and DMI script goes to Greeny


study("Trend Strength/ADX Leaf_West style", shorttitle=" Trend Strength ADX LW")
LWadxlength = input(8, title="ADX period")
LWdilength = input(9, title="DMI Length")

dirmov(len) =>
	up = change(high)
	down = -change(low)
	truerange = rma(tr, len)
	plus = fixnan(100 * rma(up > down and up > 0 ? up : 0, len) / truerange)
	minus = fixnan(100 * rma(down > up and down > 0 ? down : 0, len) / truerange)
	[plus, minus]

adx(LWdilength, LWadxlength) => 
	[plus, minus] = dirmov(LWdilength)
	sum = plus + minus
	adx = 100 * rma(abs(plus - minus) / (sum == 0 ? 1 : sum), LWadxlength)
	[adx, plus, minus]

[ADX, up, down] = adx(LWdilength, LWadxlength)
LWADX= (ADX-15)*2.5
adxcolor= up>down?green: red
plot(LWADX, color=adxcolor, title="Trend Strength")
plot (LWADX, color=adxcolor , style= histogram, linewidth= 4)

plot(0, color=black, title="Chop Zone")
plot(20, color=green, title="Mendoza Line", linewidth=1)
plot(100, color=red, title=" Extreme Zone", linewidth=1)
@jayy Trend identificator looks great, best what I found on TV. Ive tried go to your pages, but both are down.
Could you send me pdf files ? Thanks you very much...
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jayy StanPit
@StanPit, hi StanPit. Thanks for your kind remarks. I have sent you a message regarding the pdfs which were written by Leaf_West to accompany his various indicators. Leaf_West is on Twitter if you wish to follow him. Cheers, Jayy
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jayy StanPit
@StanPit, Also I just noticed that Leaf West has a new website:http://charts-by-leafwest.com/
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Hi, thanks for this. I'd be interested to learn more about this analysis approach, but the links don't appear to lead anywhere now. Is there anything you can send me? cheers and Happy New Year!
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jayy MC2016
@MC2016, sorry I missed your message. I have messaged you re info on Leaf_West's trading approach. Leaf_West is also on twitter
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looks interesting
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jayy marax
@marax, It is but the method should be used in conjunction with other techniques. I have sent you some info through the TV message system.
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Leaf_West's current blog site is http://charts-by-leaf.com/. Please visit his site to download current educational material and read his analysis. Leaf's has detailed and insightful analysis, his ideas continually evolve (although the tried and true ideas remain the same). I recommend following his site and reading his blogs to add a new dimension to your technical analysis. I will update or add to my Leaf_West scripts if I see something new that I think I can do justice to. I have attempted to replicate several of his scripts to make it easier to follow his thinking and to see for yourself how the ideas work in your own analysis.
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Message me if you want Leaf WestPdfs. I can give you a dropbox link for downloading the info
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